Go to www.AskLynn.org for help
The federal government is ordering mortgage companies to allow people who have lost their job or income to make reduced payments or to skip payments. To qualify, you need to have suffered a financial hardship related to the pandemic that makes you unable to meet basic living expenses. (This includes loss work because of all the business shutdowns. You don’t need to have fallen ill or be caring for a sick family member.) A new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides automatic suspension of principal and interest payments on federally-held student loans through September 30, 2020.
How To Get Relief On Your Mortgage, Auto Loan And Credit Cards:
– Get a spiral notebook or an excel spreadsheet
– First list all of your credits in one column
– Second list all of your current payments due in the second column
– Third list your total balance due in the third column
– Fourth list your due date
– Call your creditor –
o Write the date
o write the time you start placing the call
o Ask for the representative’s name, id number and extension
o Let them know your income has been interrupted due to the pandemic
o Ask them for the maximum allowable extension of time to pay (2 months, 3 months, 4 months ) – if they tell you 2 months, then ask them what happens in two months if you cannot get back to work
o Ask for the agreement in writing via US mail and email
o Ask them to place the conversation in your notes so the next customer service agent will know what the agreement is
o Ask them to repeat back to you what’s in the notes so you will be clear about what’s expected
o Write the time the call ended
– Expect long hold times. Be patient and don’t get angry with anyone. If you don’t get the answers you are looking for (they are not offering extensions at this time, for example) first ask for a manager. If you get the same answer, then call again the next day. Many creditors are changing their policies by the day.
Lynn Richardson is a financial expert, entertainment executive, life coach and tv/radio personality who uses her quick wit and humorous presentation style to help others achieve personal, professional, and spiritual harmony.
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